Acquisitions

Time Equities Acquires Shopping Center in Eastern Tennessee for $13.9M

by Camren Skelton April 18, 2018

SEVIERVILLE, TENN. — Time Equities Inc. (TEI) has acquired Governor’s Crossing, a 140,568-square-foot shopping center in Sevierville, for $13.9 million. The center is located 24 miles southeast of downtown Knoxville. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group arranged the transaction on behalf of the seller, RCG Ventures Sevierville SPE LLC. Ami Ziff and Adam Levitt represented Time Equities internally in the deal. Governor’s Crossing is home to tenants such as Books-A-Million, Jo-Ann Fabrics, Vanity Fair Outlet, Shoe Carnival, Catherine’s, Workout Anytime and CATO.

April 18, 2018

Acquisitions California Office Western

JLL Arranges $33M Sale of Seven-Story Office Building in San Diego

by Amy Works April 18, 2018

SAN DIEGO – JLL Capital Markets has brokered the sale of 1450 Frazee, an office building located in San Diego’s Mission Valley district. A joint venture between Hill Properties and a fund managed by DRA Advisors acquired the property from an affiliate of Menlo Equities for $33 million. At the time of sale, the seven-story, 140,477-square-foot building was 90.6 percent leased to 27 tenants. Lynn LaChapelle, Bob Prendergast and Sach Kirpalani of JLL arranged the transaction.

April 18, 2018

Acquisitions California Industrial Western

Colony Industrial Acquires Two-Building Industrial Portfolio in Bay Area

by Amy Works April 18, 2018

SAN LEANDRO, CALIF. – Colony Industrial has purchased the two-building East Bay industrial portfolio in San Leandro for an undisclosed price. Totaling 587,051 square feet, the portfolio includes two light industrial buildings located at 2380-2388 Williams St. and 1717 Doolittle Drive. The portfolio is leased to five tenants. This is Colony Industrial’s first investment in the Oakland/East Bay area. Darla Longo, Barbara Perrier, Rebecca Perlmutter Finkel and Michael Kendall of CBRE brokered the transaction.

April 18, 2018

Acquisitions California Multifamily Western

Goldrich Kest Buys 43-Unit Apartment Building in West Hollywood for $23.6M

by Amy Works April 18, 2018

WEST HOLLYWOOD, CALIF. – Culver City, Calif.-based Goldrich Kest has purchased Infinity West, an apartment building located at the intersection of Sunset Boulevard and La Brea Avenue in West Hollywood. Bolour Associates sold the property to Goldrich Kest for $23.6 million. Built in 2012, the 43-unit property features a mix of studio, one- and two-bedroom layouts, a fitness center, conference room and secured parking. Blake Rodgers of HFF represented the seller in the deal.

April 18, 2018

Acquisitions Hospitality New York Northeast Top Stories

Icahn Enterprises Agrees to Sell Tropicana Entertainment for $1.85B

by David Cohen April 18, 2018

NEW YORK CITY — Icahn Enterprises has agreed to sell Tropicana Entertainment Inc. to Gaming and Leisure Properties Inc. for $1.85 billion in a deal that includes all of Tropicana’s real estate. The company’s gaming and hotel operations will be merged into Eldorado Resorts Inc., which owns and operates 20 casinos in 10 states. Under the agreement, Pennsylvania-based real estate investment trust Gaming and Leisure Properties will buy Tropicana’s real estate for $1.21 billion and lease properties to Eldorado Resorts. Eldorado will pay $640 million in cash and assume Tropicana’s cash and debt. The transaction includes all of Tropicana’s locations except Aruba, which will close as a condition of the deal. Icahn Enterprises invested in Tropicana when it was bankrupt in 2008, after state regulators deemed its former owner unfit to run a casino. The New York City-based investment company controlled by American businessman Carl Icahn hired Tony Rodio as chief executive and reinvested profits into operations. Carl Icahn has been chairman of Tropicana’s board since 2010. “I am incredibly proud of what the entire Tropicana team has been able to accomplish over the past eight years, taking Tropicana from bankruptcy to one of the industry’s true success stories,” says Rodio. …

April 18, 2018

Acquisitions Multifamily Seniors Housing Texas

Greystone Arranges $6.3M Sale of Skilled Nursing Facility in El Paso

by John Nelson April 17, 2018

EL PASO, TEXAS — Greystone’s Real Estate Advisors division has arranged the $6.3 million sale of Nazareth Living Care Center, a 124-bed skilled nursing facility located at 1475 Raynolds St. in El Paso. Chicago-based Mozart Healthcare LLC purchased the asset from Nazareth Hall, a nonprofit organization based in Texas. Mike Garbers and Cody Tremper of Greystone represented Nazareth Hall in the transaction. Paramount Healthcare is currently operating the community, which comprises two buildings situated on a 3.4-acre site. According to the property website, Nazareth Living Care Center features private suites, a transitional suite, fast-track recovery services and a therapy gym.

April 17, 2018

Acquisitions Loans New Jersey Northeast

HFF Arranges $7.6M in Acquisition Financing for Industrial Portfolio in Suburban Philadelphia

by David Cohen April 17, 2018

LOGAN TOWNSHIP, N.J. — HFF has arranged $7.6 million in acquisition financing for a three-building industrial portfolio in the suburban Philadelphia community of Logan Township. The borrower is a joint venture between Novaya and Foxfield Ventures. The lender for the first mortgage financing was not disclosed. Totaling 193,379 square feet, the portfolio comprises the 103,241-square-foot 1 Killdeer Court, the 46,888-square-foot 614 Heron Drive and the 43,251-square-foot 603 Heron Drive. All three of the light industrial facilities were built between 1975 and 1977 and are located in Gloucester County off I-295.

April 17, 2018

Acquisitions New York Northeast

Cushman & Wakefield Negotiates Sale of 148-Year-Old Retail Complex in Greenport

by David Cohen April 17, 2018

GREENPORT, N.Y. — Cushman & Wakefield has negotiated the sale of Claudio’s Restaurant, a retail complex located at 111 Main St. in Greenport on Long Island’s North Fork. The property consists of three restaurants, including Claudio’s, Claudio’s Clam Bar and Crabby Jerry’s as well as two deep-water docks and 2.1 acres of developable land. Claudio’s is the oldest family-owned restaurant in the United States, and has been open since 1870, according to Cushman & Wakefield. Guthrie Garvin, Michael Gembecki and Alexander Ball of Cushman & Wakefield represented the seller, The Claudio Family in the transaction. Perry Weitz, David Weitz, Ian Behar and Ryan Sasson were the buyers. The sales price was not disclosed.

April 17, 2018

Acquisitions Loans Massachusetts Northeast

Fantini & Gorga Arranges $1.4M Apartment Acquisition Loan in Suburban Boston

by David Cohen April 17, 2018

ABINGTON, MASS. — Fantini & Gorga has arranged a $1.4 million loan for the acquisition of a multifamily property in Abington, 20 miles south of Boston. Located at 387 Adams St., the 12-unit apartment building is made up of one- and two-bedroom apartments. The community is located near the Massachusetts Bay Transportation Authority’s Abington commuter rail station that provides service to and from downtown Boston. Derek Coulombe and Jon Garcia of Fantini & Gorga arranged the financing on behalf of the buyer.

April 17, 2018

Acquisitions New Jersey Northeast

Marcus & Millichap Brokers $1.8M Sale of Retail Property in New Jersey

by David Cohen April 17, 2018

OAKLYN, N.J. — Marcus & Millichap has brokered the $1.8 million sale of a 7,480-square-foot retail property net-leased to Dollar General in Oaklyn. Located at 301 White Horse Pike, the property is situated on a busy retail corridor nine miles east of Philadelphia. Nearby retailers include CVS, 7-Eleven, Dunkin’ Donuts and Wawa. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented both the buyer and seller, both developers, in the transaction.

April 17, 2018

Newer Posts

Older Posts